Backing Out and Reposting Journal Entries in Dynamics GP

by | Feb 11, 2020 | Dynamics GP

Have you ever accidentally posted a journal entry incorrectly? Dynamics GP has excellent functionality to correct an entry and maintain the integrity of the audit trail as well.

Easily back out posted transactions in Dynamics GP

When you back out of a transaction, a new transaction is created that reverses the debits and credits of the original transaction. You also have the option to create a correcting transaction using the debits and credits of the original transaction as a starting point for the new transaction. Posted transactions that you can back out include standard, reversing, clearing, and quick journal transactions. Transactions that were posted during an open year or the most recent historical year can be backed out.

When you back out of a transaction, any tax distributions and multidimensional analysis information also will be reversed. The source document code, currency ID, and transaction date are copied from the original transaction.

You also have the option to allow users to reverse transactions that originated in other modules if you marked the Voiding/Correcting of Subsidiary Transactions option in the General Ledger Setup window. You also can back out intercompany transactions if you marked the Back Out of Intercompany Transactions option in the window. However, if you reverse or void a transaction in General Ledger that was originally entered in another module, that transaction is reversed or voided only in General Ledger.

You cannot back out the following types of transactions:

  • Voided transactions
  • Consolidated transactions
  • Transactions that were created during the year-end closing process
  • Transactions that were posted to a historical year
  • Clearing entries that use multiple currencies
  • Clearing entries that use a single currency other than the functional currency
  • Transactions that already have been backed out
  • Transactions that were entered to back out a previous transaction

To back out a posted transaction:

First, go to the Transaction Entry window (Transactions > Financial > General). Then, click the Correct button.

transaction entry window

This will bring you to the Correct Journal Entry window where you will be presented with the option to either Back out a Journal Entry or Back out a Journal Entry and create a correcting entry.

correct journal entry window

If you select the Back out a Journal Entry option, specify the Journal Entry number and year of the transaction you want to correct. GP will then create an entry which is the opposite of the original Journal Entry with a new Journal Entry number to offset the one you want to correct. Post this correcting entry and you’re done.

If you choose the Back out a Journal Entry and create a correcting entry option, specify the Journal Entry number and year of the transaction you want to correct. The first entry created reverses your original entry. When you post or save the back out entry, a second entry is created. This is your original entry as a new journal that you can modify as needed. Once you have completed all desired modifications, post the journal entry.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Upcoming Events

april

08apr10:00 am10:30 amLicensing Preparedness for Dynamics 365 Customer Engagement

08apr12:00 pm1:00 pmMaking Project Information Management (PIM) a Priority

08apr2:00 pm2:30 pmFeatures in the Spring Release of Dynamics 365 Customer Engagement Users Can Take Advantage of Immediately

09apr11:00 am12:00 pmConfab With Stoneridge - Livestream - Portals

13apr11:30 am12:30 pmStoneridge Connect Online Keynote: Business Transformations Throughout History

14apr8:00 am5:00 pmStoneridge Connect Online - Day 1

15apr8:00 am5:00 pmStoneridge Connect Online - Day 2

15apr1:15 pm5:00 pmWhat’s New for Developers in Dynamics 365 Finance and Supply Chain Management – Online Workshop

16apr8:00 am5:00 pmStoneridge Connect Online - Day 3

22apr11:00 am12:00 pmPower BI and Reporting with Dynamics 365 Business Central

22apr2:00 pm2:30 pmNew Features for Power Apps Users

23apr11:00 am12:00 pmConfab With Stoneridge - Livestream - Internet of Things (IoT)

29apr10:00 am11:00 amStreamlining Customer Service and Enabling Your Sales Team with a Self-Service Portal

29apr12:00 pm12:30 pmUpdates to the Dynamics 365 Customer Engagement User Experience - What Technical Resources Need to Know

may

06may12:00 pm12:30 pmPower Apps Telemetry and AI Builder - Power Platform Updates

06may2:00 pm2:30 pmImprove Customer Experience with a Mobile Workforce Management Solution

07may11:00 am12:00 pmConfab With Stoneridge - Livestream - Manufacturing

13may12:00 pm1:00 pm3 Simple Sets Your Business Can Take to Embrace the Future of B2B E-Commerce

21may11:00 am12:00 pmEnterprise Asset Management and Manufacturing

About Stoneridge
Stoneridge Software is a unique Microsoft Gold Partner, with emphasis on partner. With specialties in Microsoft Dynamics 365, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP and Microsoft Dynamics CRM, we focus on attracting the most knowledgeable experts in the field to our team, and prioritize delivering stellar solutions with maximum impact for your business. At Stoneridge, we are deeply committed to your results. Each engagement is met with a dedicated team, ready to provide thorough, tailored, and expert service. Based in Minnesota, we intentionally “step into your shoes,” wherever you are. We focus on what you care about, and develop trusting, long-term relationships with our clients.

Subscribe To Our Blog

Sign up to get periodic updates on the latest posts.

Thank you for subscribing!

X